Friday, April 03, 2009

On The BBC news headlines on Radio 4 this morning it was announced that the G20 summit had decided to "inject $20 trillion into the world economy".

That's a straightforward lie, isn't it? There's no money outside the world economy. This isn't a matter of opinion or interpretation; to inject something into a system, it has to be outside it to begin with. There's no money in interstellar space, deep below the ice of Antarctica or tumbling in the stormy atmosphere of Jupiter.

This money isn't being injected into the economy. What we're really seeing is the greatest transfer of wealth from the people to the establishment in the history of the world. Money is being removed from the people who generated it, in the productive areas of the economy, and given to rich people in the developed world, and to rich people in the third world.